“small business” means a business of which the market value of all its assets, as at the date of the disposal of the asset or interest contemplated in subparagraph (2), does not exceed R10 million.
Category: PART VIII – Other exclusions
Paragraph 57A (Eighth Schedule) – Disposal of micro business assets
57A. Disposal of micro business assets
A registered micro business as defined in terms of the Sixth Schedule must disregard any capital gain or capital loss in respect of the disposal by that business of any asset used mainly for business purposes.
[Paragraph 57A inserted by section 80 of Act 60 of 2008, amended by section 140 of Act 31 of 2013, substituted by section 116 of Act 25 of 2015 effective on 8 January 2016]
Paragraph 58 (Eighth Schedule) – Exercise of options
58. Exercise of options
Where, as a result of the exercise by a person of an option, that person acquires or disposes of an asset in respect of which that option was granted, that person must disregard any capital gain or capital loss determined in respect of the exercise of that option.
Paragraph 59 (Eighth Schedule) – Compensation for personal injury, illness or defamation
59. Compensation for personal injury, illness or defamation
A natural person or a special trust must disregard a capital gain or a capital loss determined in respect of a disposal that resulted in that person or that special trust, as the case may be, receiving compensation for personal injury, illness or defamation of that person or a beneficiary of that special trust.
Paragraph 60 (Eighth Schedule) – Gambling, games and competitions
60. Gambling, games and competitions
(1) A person must disregard a capital gain or capital loss determined in respect of a disposal relating to any form of gambling, game or competition.
(2) Notwithstanding subparagraph (1), a capital gain may not be disregarded-
(a) by any person other than a natural person; or
(b) by any natural person, unless that form of gambling, game or competition is authorised by, and conducted in terms of, the laws of the Republic.